Serial Entrepreneurs and the Macroeconomy

49 Pages Posted: 22 Sep 2021 Last revised: 9 Nov 2021

See all articles by Sonia Feliz

Sonia Feliz

Bank of Portugal

Sudipto Karmakar

Bank of England

Petr Sedlacek

University of Oxford

Multiple version iconThere are 2 versions of this paper

Date Written: August 2021

Abstract

Are serial entrepreneurs â?? owners of multiple firms -- important for understanding the sources and aggregate consequences of business dynamism? Using unique administrative data, we show that -- compared to other businesses -- firms of serial entrepreneurs are larger, more productive, grow faster, exit less often and disproportionately contribute to aggregate job creation and productivity growth. Moreover, even the very first firms of serial entrepreneurs feature these ``premia'', suggesting an important role of innate abilities, rather than luck or learning. Finally, we show theoretically and quantitatively that serial entrepreneurship is also important for understanding and modelling of top income inequality.

Suggested Citation

Feliz, Sonia and Karmakar, Sudipto and Sedlacek, Petr, Serial Entrepreneurs and the Macroeconomy (August 2021). CEPR Discussion Paper No. DP16449, Available at SSRN: https://ssrn.com/abstract=3928746

Sonia Feliz (Contact Author)

Bank of Portugal ( email )

Rua Francisco Ribeiro, 2
Lisbon, 1150-165
Portugal

Sudipto Karmakar

Bank of England ( email )

Threadneedle Street
London, EC2R 8AH
United Kingdom

Petr Sedlacek

University of Oxford ( email )

Mansfield Road
Oxford, Oxfordshire OX1 4AU
United Kingdom

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